It has been reported that Jang Yeong-ja (81), the protagonist of the infamous bill fraud case in the 1980s, has been arrested for the fifth time three years after being released, for using false bills worth 15 billion won.
The Cheongju District Court, 3rd Criminal Appeals Division (Director General Tae Ji-young) announced on the 24th that it overturned the first trial's acquittal of Jang, who was indicted on charges of using forged securities, and sentenced him to one year in prison with immediate custody.
Earlier, Jang was accused of handing over 15.42 billion won in forged checks as an advance payment to a representative, A, with whom he had signed a contract to supply agricultural products at a hotel in Seocho-gu, Seoul, on July 10, 2017.
The first-instance court previously accepted Jang's argument that he did not know the checks were forged and acquitted him. It noted, "If the defendant had known about the forgery, this fact would have been revealed quickly, and he would have used the checks in a way that would generate substantial profit immediately. However, the defendant used forged checks as advance payments for agricultural products that would take months to supply, and in the interim, the fact that they were forged came to light, resulting in no profit at all."
However, the second instance court ruled differently, citing that Jang had gained benefits from this crime and that there were similarities to his past offenses.
Director General Tae stated, "The original trial found that the defendant did not profit from this case, thus concluding that he would not have known about the forgery, but the defendant received a performance bond of 30 million won from A when the contract was concluded and did not return it."
He also pointed out, "The face value of the forged checks, which the defendant was previously convicted of, matches that of the forged checks in this case, and their check numbers also appear sequentially with those from the past case, demonstrating that the methods of the crime, such as handing forged checks to others for cashing them, are similar."
Jang received a four-year prison sentence in June 2017 for using forged checks worth 15.42 billion won, and it is interpreted that he may have used previously held forged checks in this crime as well.
Director General Tae continued, "Despite having a history of multiple punishments for fraud, the defendant committed this crime again during the probation period."
He added, "The defendant engaged in actions that could undermine the safety of financial transactions and public trust in them by using exceptionally high amounts of forged securities. Yet, they have maintained an inexplicable excuse and repeatedly failed to appear in court to intentionally delay the trial, showing no remorse, which makes harsh punishment inevitable."
Jang has appealed the ruling to the Supreme Court.
Jang served time in a bill fraud case involving 640 billion won with her husband, Lee Cheol-hee, who is a former member of the National Assembly and former Vice Administrator of the National Security Planning. Jang was paroled in 1992 after serving 15 years of her sentence, with five years remaining. This case led to the arrest of Jang and her husband, two bank presidents, and Lee Gyu-gwang, Jang's brother-in-law and a maternal uncle of former President Chun Doo-hwan, among over 30 others, and it was talked about as the largest fraud case since the establishment of Korea.